Business
Solana Resources Limited ("Solana" or the "Company") - Potential Oil Discovery - Primavera-1 - Llanos Basin - Colombia
CALGARY and LONDON, UK, March 12 /CNW/ - Solana Resources Limited (TSX-V: SOR; AIM: SORL) is plea...
About this update from Kutcho Copper Corp
[{"type":"text","content":"\n\n\n\nCALGARY and LONDON, UK, March 12 /CNW/ - Solana Resources Limited\n(TSX-V: SOR; AIM: SORL) is pleased to announce that it has successfully\ndrilled, logged, cased and is preparing to test the Primavera-1 well located\non the Guachiria Block in Colombia's Llanos Basin.\n\n\nDrilling commenced on Primavera-1 on February 20, 2008 and reached a\ntotal depth of 7,405 feet on March 1, 2008. Initial log interpretations, MDT\ntests and sidewall cores indicate potential oil pay in the Carbonera\nC-7 Formation, where 40 degrees API oil was encountered, and in the Carbonera\nC-5 Formation, where oil shows were observed.\n\n\nA service rig is being mobilized to test the hydrocarbon reservoirs\nencountered. Testing operations are scheduled to begin in mid-April and to be\ncompleted by the end of April.\n\n\nThe Pioneer-52 drilling rig was released on March 8, 2008 and is\ncurrently moving 12 km to Solana's Palmitas-2 location on the Guachiria Sur\nBlock. Drilling is expected to start at Palmitas-2 in mid-March and be\ncompleted by the end of March.\n\n\nSolana is the operator and holds a 100% working interest in the Guachiria\nand Guachiria Sur Blocks. Lewis Energy Colombia holds a 30% beneficial\ninterest in both blocks. The blocks are subject to fiscally attractive Agencia\nNacional de Hidrocarburos contracts. The Guachiria Block also attracts an\nadditional 13% overriding royalty, applied after government royalties, to\nEcopetrol, the State oil and gas company.\n\n\nMr. Glenn Van Doorne, Chief Operating Officer of Solana, a Petroleum\nGeologist, is the qualified person who has reviewed the technical information\ncontained in this news release.\n\n\nForward-Looking Statements\n\n\nCertain information regarding the Company, including management's\nassessment of future plans and operations, may constitute forward-looking\nstatements under applicable securities law and necessarily involve risks\nassociated with oil and gas exploration, production, marketing and\ntransportation such as loss of market, volatility of prices, currency\nfluctuations, imprecision of reserve estimates, mechanical problems, equipment\nlimitations, environmental risks, competition from other producers and ability\nto access sufficient capital from internal and external sources; as a\nconsequence, actual results may differ materially from those anticipated.\n\n...